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Even as the pace of payments pick up, other challenges are looming. The way Congress allocated the money gave an outsize share to smaller states with low renter populations."Standing up a brand new program like this that’s very high-touch and has to get out ASAP is really tough," said Stockton Williams, executive director of the National Council of State Housing Agencies, who added that while some states - including Alaska, Kentucky and Virginia have been quick to distribute relief, California and Texas - states with large allocations - have been slow to respond but are picking up speed.
New York’s $2.4 billion portion of the funds, for instance, is expected to cover less than 80% of back rent, utilities and late fees owed in the state as of March, according to estimates from Moody’s Analytics. In Illinois, it’s just 45%. Vermont, however, gets a roughly $350 million allocation, enough to pay for the state’s need more than nine times over.
While Congress provided the Treasury Department with authority to fix any mismatch in funding, the reallocation can’t happen for several more months. -Bloomberg